There is a European Central Bank, of course, established and it has the structure similar to the Federal Reserve system, not precisely the same but similar.

There's a stability and growth pact which was agreed for the eleven countries which tries to limit the size of budget deficits among the eleven countries.

Back in those days, in the fifties and sixties, countries had balance of payment's deficits or surpluses, those were reflected much more than today in movements of reserves among countries.

Some countries that are close to Europe that already hold Deutschemarks, clearly would automatically hold euros, those are countries in Eastern Europe mainly, a few countries in Africa.